((a)) All powers and authorities possessed by the President, any other officer or employee of the Federal Government, or any executive agency, as defined in , as a result of the existence of any declaration of national emergency in effect on , are terminated two years from . Such termination shall not affect—

((1)) any action taken or proceeding pending not finally concluded or determined on such date;

((2)) any action or proceeding based on any act committed prior to such date; or

((3)) any rights or duties that matured or penalties that were incurred prior to such date.

((b)) For the purpose of this section, the words “any national emergency in effect” means a general declaration of emergency made by the President.